TD Mortgage payment/withdrawal question
We are looking to pay off our mortgage.
For arguments sake, lets say we have $10,000 left. We make a weekly payment of $250 which is taken out of our account on Tuesdays. It shows that the amount was taken out right away from our account but it does not reflect on our mortgage until Saturday.
When I went to pay off the $9750 on Saturday that was left, I was told I still had one more weekly payment of $250 after that. According to the bank our mortgage payment is deducted before the payment is withdrawn from our account. Which means when I went to see them on the Saturday and our mortgage was at $9750, our payment was not taken out from the Tuesday.
Does anyone know if this means they always deduct the mortgage amount before the money is even taken ? Does that make sense ?
For arguments sake, lets say we have $10,000 left. We make a weekly payment of $250 which is taken out of our account on Tuesdays. It shows that the amount was taken out right away from our account but it does not reflect on our mortgage until Saturday.
When I went to pay off the $9750 on Saturday that was left, I was told I still had one more weekly payment of $250 after that. According to the bank our mortgage payment is deducted before the payment is withdrawn from our account. Which means when I went to see them on the Saturday and our mortgage was at $9750, our payment was not taken out from the Tuesday.
Does anyone know if this means they always deduct the mortgage amount before the money is even taken ? Does that make sense ?
